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Tuesday, July 11, 2006

GM's Sales In China Surge

By Yaser Anwar, CSC of Equity Investment Advisors

Global automobile giant General Motors (GM) Tuesday said its sales in China in the first six months of the current year jumped by 47% on a year on year basis due to better-than-expected demand.

General Motors and its various joint ventures sold 453,832 vehicles in China between January and June, as compared to 308,722 in the same period a year earlier. The company said its share in the Chinese vehicle market climbed to 12.5%, from 10.8% in the year-ago period. Kevin Wale, president and managing director of GM China Group attributed the sales growth to the launch of several new products by the company.

The sales of General Motors’ Excelle sedan surged 38.7% year-on-year in the first half to 145,786 units, while the sales of its Sail and other Chevrolet models jumped 81.4% to 75,710, the company announced. Wale said the company intends to launch 12 new and upgraded products in the second half of the current year, besides expanding the sales networks.

General Motors is currently implementing an aggressive restructuring programme aimed at improving the profitability at its North American operations, which have been badly hit by rising competition and costs.

Source: NR

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